Question

What are the main benefits of GDP growth as it relates to the well being of society and unemployment? Responses should include at least one current quality reference, and be sure to include the full source citation author/date/publication/title). The response must be 150 words or more.

Answer 1

GDP growth can be explained as an inflation-induced market prices of goods and services produced in an economy .it explains the economic growth of a country over a period of 1 year .

GDP growth has several benefits such as-:

1) increase in average incomes - GDP growth leads to increase in the incomes of the individual which enables them to enjoy more goods and services enjoy better standard of living . It also helps in reducing poverty .

2) decrease in unemployment - as GDP growth leads to increase in output produced , firms tend to employ more workers thus creating employment .

3) more public services -  GDP growth leads to increase in tax revenues which are them used for various public services such as NHS , education etc . Also the money can be spent on protecting and promoting environmental growth .